{"id":19537,"date":"2023-04-06T01:04:49","date_gmt":"2023-04-06T01:04:49","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/yellen-says-us-not-willing-to-allow-contagious-bank-runs-calls-opec-oil-production-cut-unconstructive-economics-bitcoin-news\/"},"modified":"2023-04-06T01:04:49","modified_gmt":"2023-04-06T01:04:49","slug":"yellen-says-us-not-willing-to-allow-contagious-bank-runs-calls-opec-oil-production-cut-unconstructive-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/yellen-says-us-not-willing-to-allow-contagious-bank-runs-calls-opec-oil-production-cut-unconstructive-economics-bitcoin-news\/","title":{"rendered":"Yellen Says US \u2018Not Willing to Allow Contagious Bank Runs,\u2019 Calls OPEC Oil Production Cut ‘Unconstructive’ \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

Roughly 26 days ago and in the following days, the U.S. witnessed two significant bank failures when Silicon Valley Bank and Signature Bank collapsed. After speaking at an event on Monday at Yale University, Janet Yellen, the current U.S. Treasury secretary, told reporters that she was closely monitoring the banking industry. Yellen insisted that \u201cmatters are stabilizing\u201d and the Treasury was \u201cnot willing to allow contagious [bank] runs to develop\u201d in the United States.<\/strong><\/p>\n

Treasury Secretary Yellen Addresses Recent Bank Failures and Emphasizes Stability in the U.S. Banking System<\/h2>\n

U.S. Treasury secretary Janet Yellen recently spoke at Yale University, and following the event, she made statements to reporters. Yellen discussed the recent issues within the U.S. banking industry and touched on the decision<\/a> made over the weekend by Saudi Arabia and OPEC to cut oil production<\/a>.<\/p>\n

Reporters asked Yellen about the impact the decision might have on oil prices. \u201cI think it\u2019s regrettable that OPEC decided to take this action,\u201d Yellen said<\/a>. \u201cI\u2019m not sure yet what the price impact will be. I think we need to wait a little longer to assess that.\u201d<\/p>\n

Yellen also spoke about the stress on the U.S. banking system in recent times following the collapse of a few major banks after the first week of March. Yellen emphasized to reporters that the Treasury was closely monitoring the situation and that the U.S. government was \u201cnot willing to allow contagious [bank] runs to develop\u201d in the country.<\/p>\n

Yellen expressed her opinion that the actions taken by the Federal Reserve, Treasury, and Federal Deposit Insurance Corporation (FDIC) had helped address the issues.<\/p>\n

\u201cMy read is that outflows from smaller and medium-sized banks are diminishing, and matters are stabilizing, but it\u2019s a situation we\u2019re watching very closely,\u201d Yellen stated<\/a>. The Treasury secretary seemed intent on the government focusing more attention on climate change.<\/p>\n

\u201cWe\u2019ve addressed a range of issues, including financial risks, but we haven\u2019t put enough focus on climate risks. I don\u2019t think there\u2019s a fundamental problem with the banking system,\u201d Yellen opined. According to her latest statements, the Treasury Secretary has been prioritizing efforts to combat climate change.<\/p>\n

\u201cThe Inflation Reduction Act is, at its core, about turning the climate crisis into an economic opportunity,\u201d Yellen said<\/a> about the Biden administration\u2019s legislation<\/a>.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
bank failures<\/a>, Banking Industry<\/a>, Banking system<\/a>, climate crisis<\/a>, climate risks<\/a>, economic impact<\/a>, economic opportunity<\/a>, Economy<\/a>, FDIC<\/a>, Federal Deposit Insurance Corporation<\/a>, Federal Reserve<\/a>, financial risks<\/a>, financial stability<\/a>, Government<\/a>, government intervention<\/a>, government policy<\/a>, inflation<\/a>, Janet Yellen<\/a>, Legislation<\/a>, oil prices<\/a>, oil production<\/a>, opec<\/a>, outflows<\/a>, Signature Bank<\/a>, Silicon Valley Bank<\/a>, stabilization<\/a>, U.S. Treasury Secretary<\/a>, Yale University<\/a><\/div>\n<\/div>\n

What do you think about Yellen\u2019s recent statements about OPEC\u2019s decision to cut oil, the U.S. banking system, and climate change? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n